Sophon Microcap Atlas

Trade Idea #10: Recently demutualized U.S. bank

A special situation in the investment style of Seth Klarman or Joel Grenblatt

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Sophon Capital Research
Sep 15, 2025
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Every once in a while, the market presents an idea that checks all the boxes for a classic Joel Greenblatt or Seth Klarman-style “special situation.” These are not flashy growth stories or hot sectors riding a secular wave. They are small, overlooked, structurally mispriced businesses where patient investors can benefit from catalysts that are hiding in plain sight. The special situation I’m presenting today fits in this category.

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